Marketing 291 Exam 1 Study Guide

Marketing 291 Exam 1 Study Guide - Marketing 291 Exam 1...

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Marketing 291 Exam 1 Study Guide CHAPTER 1 How Marketing Discovers and Satisfies Consumer Needs o Discovering Consumer Needs Meet Consumer Needs w/ New Products 1. Focus on what the customer benefit is 2. Learn from the past o Consumer Needs and Wants Marketing should try to satisfy consumer needs AND wants Market : People with desire and ability to buy a specific offering ** Look at Figure 1-3 on page 9 about Organization’s marketing dept. Discover customer needs Satisfy needs by successfully implementing a marketing program possessing the right combination of the marketing mix – the four Ps Target market : Specific group of potential consumers toward which an organization directs its marketing program o The Four Ps : Controllable Marketing Mix Factors Marketing mix : The marketing manager’s controllable factors – the four Ps – that can be used to solve a marketing problem Product : A good, service, or idea to satisfy the consumer’s needs Price : What is exchanged for the product Promotion : A means of communication between the seller and buyer Place : A means of getting the product to the consumer How Marketing Became So Important o Evolution of the Marketing Orientation Many American manufacturers have experienced four distinct stages of life Production Era o Goods were scarce and buyers were willing to accept virtually any goods that were available Sales Era o 1920’s – 1960’s o Manufacturers realized they could produce more goods than buyers could consume Marketing Concept Era o Marketing concept : the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals Customer Relationship Era
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o Market orientation : Focusing organizational efforts to collect and use information about customers’ needs to create customer value Satisfy high expectations of customers o Customer relationship management (CRM) : process of identifying prospective buyers, understanding them intimately, and developing favorable long- term perceptions of the organization and its offerings so that buyers will choose them in the marketplace o Ethics and Social Responsibility Standards of marketing practice have moved from emphasis on producers’ interests to consumers’ interests Codes of ethics to assist managers Societal marketing concept : View that organizations should satisfy the needs of consumers in a way that provides for society’s well- being o The Breadth and Depth of Marketing Who markets? Every organization o Business firms, retailing, nonprofit orgs (hospital, college, Race for the Cure), individuals (political figures) What is marketed?
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